Rosneft proposes $2-bln share buyback

Russia

MOSCOW, May 2, 2018 – Shares in Rosneft surged 6.5% Wednesday morning, state agency Tass reported, a day after Russia’s oil giant proposed to buy back around USD 2 billion in shares.

Rosneft also announced a plan to reduce its debt and liabilities by about USD 7.9 billion in 2018. The news came shortly after a legal investigation and restructuring at CEFC China Energy reportedly froze a USD 9.1-billion deal for the purchase of a 14.16% stake in Rosneft.

“The company continues to demonstrate robust financial results and [the] proposed new initiatives will enable us to improve the focus on the business using core strengths that will result in the enhancement of shareholder returns,” Rosneft CEO Igor Sechin was quoted as saying.

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